Kentucky Retirement Systems Insurance Trust Fund Trims Holdings in Prudential Financial, Inc. (NYSE:PRU)

Kentucky Retirement Systems Insurance Trust Fund reduced its stake in Prudential Financial, Inc. (NYSE:PRU) by 8.7% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 10,570 shares of the financial services provider’s stock after selling 1,009 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Prudential Financial were worth $1,280,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of PRU. National Bank of Canada FI grew its stake in shares of Prudential Financial by 44.9% in the 1st quarter. National Bank of Canada FI now owns 230,044 shares of the financial services provider’s stock valued at $27,327,000 after buying an additional 71,274 shares during the period. ORG Partners LLC purchased a new position in Prudential Financial in the second quarter worth approximately $156,000. PGGM Investments increased its stake in Prudential Financial by 98.0% during the second quarter. PGGM Investments now owns 64,277 shares of the financial services provider’s stock worth $7,533,000 after acquiring an additional 31,807 shares during the last quarter. Sei Investments Co. raised its position in Prudential Financial by 12.9% in the first quarter. Sei Investments Co. now owns 57,853 shares of the financial services provider’s stock valued at $6,791,000 after purchasing an additional 6,609 shares during the period. Finally, Janus Henderson Group PLC lifted its stake in shares of Prudential Financial by 49.5% in the 1st quarter. Janus Henderson Group PLC now owns 80,148 shares of the financial services provider’s stock valued at $9,409,000 after purchasing an additional 26,520 shares during the last quarter. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Insider Transactions at Prudential Financial

In related news, EVP Caroline Feeney sold 1,110 shares of Prudential Financial stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $119.97, for a total transaction of $133,166.70. Following the sale, the executive vice president now directly owns 10,175 shares in the company, valued at $1,220,694.75. This trade represents a 9.84 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ann M. Kappler sold 2,839 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $113.43, for a total transaction of $322,027.77. Following the completion of the transaction, the executive vice president now owns 14,535 shares of the company’s stock, valued at $1,648,705.05. This represents a 16.34 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

Prudential Financial Stock Up 1.3 %

Shares of NYSE:PRU opened at $127.41 on Friday. Prudential Financial, Inc. has a fifty-two week low of $93.32 and a fifty-two week high of $129.13. The firm’s 50 day moving average price is $122.20 and its 200 day moving average price is $119.28. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.60. The stock has a market cap of $45.36 billion, a price-to-earnings ratio of 11.33, a price-to-earnings-growth ratio of 0.91 and a beta of 1.29.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share for the quarter, beating analysts’ consensus estimates of $3.47 by $0.01. The business had revenue of $19.48 billion for the quarter, compared to analyst estimates of $14.57 billion. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. During the same period last year, the business earned $3.44 EPS. As a group, equities research analysts predict that Prudential Financial, Inc. will post 13.33 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 19th will be issued a $1.30 dividend. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.08%. Prudential Financial’s payout ratio is currently 46.22%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PRU. UBS Group boosted their price objective on shares of Prudential Financial from $112.00 to $119.00 and gave the company a “neutral” rating in a report on Tuesday, August 13th. TD Cowen started coverage on shares of Prudential Financial in a research note on Wednesday, October 9th. They issued a “hold” rating and a $130.00 price target on the stock. Piper Sandler increased their price objective on shares of Prudential Financial from $121.00 to $127.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $121.00 target price on shares of Prudential Financial in a research report on Wednesday, August 21st. Finally, Bank of America raised their price target on Prudential Financial from $109.00 to $118.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Eleven investment analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Prudential Financial has a consensus rating of “Hold” and an average target price of $125.69.

About Prudential Financial

Prudential Financial, Inc, together with its subsidiaries, provides insurance, investment management, and other financial products and services in the United States and internationally. It operates through PGIM, Retirement Strategies, Group Insurance, Individual Life, and International Businesses segments.